REG - Gresham Tech - £6.3m Clareti software contract with Tier 1 bank

Gresham TechnologiesAnnouncement

06/05/2022 07:00

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RNS Number : 5255K  Gresham Technologies PLC  06 May 2022

6 May 2022

 

Gresham Technologies plc

 

Significant £6.3m Clareti software contract win with Tier 1 bank

 

Gresham Technologies plc (LSE: "GHT", "Gresham", "Group", "Company"), the
leading software and services company that specialises in providing solutions
for data integrity and control, banking integration, payments and cash
management, is pleased to announce a significant subscription agreement win
for Clareti software with an existing Tier 1 bank customer for £6.3m.

 

In June 2020, one of the world's largest commercial and retail banks signed a
contract for the first deployment of Clareti Control within its UK operations.
As a result of the success of the initial project, the bank has chosen to
adopt the technology as its single enterprise control platform across the
entire UK business including retail accounts, cards, payments and commercial
banking. The platform will be used to deploy a range of new controls, as well
as replace existing manual processes and legacy vendor solutions.

 

The contract signed on 5 May 2022 extends and significantly upgrades existing
software subscription commitments for a minimum period of approximately five
years. The total contract value is £6.3m including an expected £3.5m of new
incremental subscriptions over the term. The agreement immediately increases
the Company's forward looking ARR by £0.5m with a further £0.3m of ARR
expected as the project progresses. In addition to the subscription software
contract, a services contract will also be signed, which is expected to
generate £1.3m of services over the next 12 months. This significant contract
win further demonstrates our ability to grow with our customers over time and
provides increased confidence with regards to the attainment of FY22 market
expectations. *

 

Ian Manocha, CEO commented,

 

"Once again Clareti Control has proved its ability to automate those 'hard to
shift' manual control processes that plague much of the banking sector. We are
delighted to be extending our partnership with this flagship customer to bring
the benefits of digital transformation and improved control to their business
operations. This win is a clear endorsement of our unique technology offering
as we continue to consolidate our leading market position."

 

*The Company believes that current market expectations for the year ended 31
December 2022 are revenues of £42.0 million and adjusted EBITDA of £9.2
million.

 

Enquiries

 Gresham Technologies plc                               +44 (0) 207 653 0200
 Ian Manocha
 Tom Mullan

 Singer Capital Markets (Financial Adviser and Broker)  +44 (0) 207 496 3000
 Shaun Dobson / Tom Salvesen / Jen Boorer

 Alma PR                                                +44 (0) 203 405 0205
 Josh Royston / Hilary Buchanan / Hannah Campbell

 

Inside information

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 ("MAR").  Upon the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is now
considered to be in the public domain.

Note to editors

Gresham Technologies plc is a leading software and services company that
specialises in providing real-time solutions for data integrity and control,
banking integration, payments and cash management. Listed on the main market
of the London Stock Exchange (GHT.L) and headquartered in the City of London,
its customers include some of the world's largest financial institutions and
corporates, all of whom are served locally from offices located in the UK,
Europe, North America and Asia Pacific.

Gresham's award-winning Clareti software platform is a highly flexible and
scalable platform, available on-site or in the cloud, designed to address
today's most challenging financial control, risk management, data governance
and regulatory compliance problems. Learn more at www.greshamtech.com.

 

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